"As part of TIDAL's continued expansion this year we will be announcing a new CEO in the coming weeks," Tidal said in a statement. "We wish former CEO, Jeffrey Toig, all the best in his future endeavors."

A company losing a CEO is never a good sign. But a company losing three CEOs in just over two years is a particularly bad sign.

The list of departed Tidal executives shows the upheaval that the company has gone through since its January 2015 acquisition.

Data released by the BPI (British Phonographic Institute) earlier this month showed that Tidal has managed to gain just 0.1% penetration in the UK in 2016, a tiny amount compared to Spotify's 11.6% (although Apple Music is on 2.5%.)

It's worth pointing out, though, that Tidal's losses aren't as big as rival SoundCloud. SoundCloud's 2015 accounts show that it lost €51.22 million (£44 million) in 2015.

Tidal has the option of scaling back its overheads, potentially cutting staff, and operating as a lean and niche music streaming service. That's what it did for years before being acquired by Jay Z, after all.

Sell to another company

Apple doesn't need Tidal. It already bought its own relatively niche music streaming service, Beats, and turned that into Apple Music. Apple Music dealmaker Jimmy Iovine also shut down rumours of a Tidal acquisition in a September 2016 interview with BuzzFeed News. "We're really running our own race," Iovine said. "We're not looking to acquire any streaming services."